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Syndicated Bank Loan Market Summary:
February 2021

Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.

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Largest Loans
Top 10 Winners
Top 10 Losers
Average Bid Price
Market Sentiment
Top Movers
Most Quoted Loans
Bid & Offer Volume
Bid Offer Spread

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 2/1/21 – 2/28/21

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 5,450 ENVISION HEALTHCARE TL B 3.48% 85.85 82.97 14
2 5,100 CHANGE HEALTHCARE TL B 0.70% 100.17 99.47 11
3 5,000 QWEST CORPORATION TL B 0.87% 99.61 98.75 11
4 4,750 DELL TL B 0.14% 100.16 100.02 15
5 4,750 ZAYO TL 0.34% 99.62 99.29 16
6 4,700 CAESARS RESORT COLLECTION TL B 0.02% 98.03 98.01 13
7 4,250 BERRY PLASTICS TL X 0.07% 99.93 99.85 10
8 4,250 BERRY PLASTICS TL Y 0.42% 99.75 99.34 13
9 4,246 PETSMART NON-CONSENTED TL B2 0.92% 99.77 98.86 10
10 3,582 MISYS TL B 0.39% 98.11 97.73 13
11 3,575 STARS GROUP TL B 0.06% 100.36 100.30 14
12 3,524 TRANSDIGM INC. TL F 0.49% 98.44 97.96 14
13 3,515 LIFEPOINT HOSPITALS TL B 0.12% 99.79 99.67 11
14 3,325 CINEWORLD TL B 15.45% 78.09 67.64 14
15 3,315 REYNOLDS GROUP HOLDINGS LIMITED TL B 0.44% 99.91 99.47 10
16 3,312 HUB INTL LTD TL B 1.02% 99.14 98.14 15
17 3,300 BMC SOFTWARE TL B 0.32% 99.80 99.49 18
18 3,300 NTL CABLE PLC TL N 0.46% 99.48 99.03 13
19 3,300 SINCLAIR BROADCAST GROUP INC. TL B -0.28% 87.67 87.92 11
20 3,165 MULTIPLAN TL B 0.41% 99.88 99.48 11
AVERAGE 3,985 1.29% 97.18 96.17 12.9

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 2/1/21 – 2/28/21

RANK NAME CHANGE PX PX-1M
1 RENTPATH TL 77.34% 85.12 47.99
2 WORLDSTRIDES EXIT 3RD LIEN TL 53.85% 64.36 41.84
3 ADB SAFEGATE 2ND LIEN TL 36.25% 75.28 55.25
4 LUMILEDS TL B 31.01% 77.04 58.80
5 CATALINA MARKETING EXIT PIK TL 28.52% 34.97 27.21
6 PEAK 10 2ND LIEN TL 17.11% 82.37 70.34
7 COLORADO BUYER 2ND LIEN TL 16.25% 99.48 85.58
8 FLAKT WOODS EUR TL B 14.76% 92.52 80.62
9 ISAGENIX TL 13.63% 63.43 55.82
10 BIOPLAN 2ND LIEN TL 11.20% 50.04 45.00

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 2/1/21 – 2/28/21

RANK NAME CHANGE PX PX-1M
1 MENS WEARHOUSE EXIT TL -17.40% 69.73 84.42
2 GLASS MOUNTAIN PIPELINE TL B -14.86% 42.57 50.00
3 ARRAY CANADA TL B -13.43% 58.85 67.99
4 PEABODY ENERGY TL B -12.36% 43.81 49.99
5 SINCLAIR BROADCAST GROUP INC. TL B -11.48% 77.61 87.67
6 AS ADVENTURE EUR TL B -9.19% 46.43 51.12
7 LIGHTSTONE GENERATION LLC TL B -7.94% 85.88 93.29
8 JILL PIK TL -7.83% 63.02 68.38
9 RENFRO TL B -4.25% 33.99 35.50
10 SERTA SIMMONS TL -4.00% 56.56 58.91

Avg Bid PX by Sector

Displays the average loan bid price by sector between 2/1/21 – 2/28/21

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

Avg Bid PX by Sector

Sentiment

Reveals the percent of loans increasing in price (advancers) vs. loans decreasing in price (decliners) between 2/1/21 – 2/28/21

Market Sentiment - Advancers vs. Decliners

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 1/31/21 vs. the month ending 2/28/21

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 BIOGROUP DD EUR TL B 0 124 124 NA
2 APCOA EUR TL B 64 144 80 125%
3 FRONERI 2ND LIEN EUR TL 56 130 74 132%
4 AVERYS EUR TL B 52 124 72 138%
5 ASSYSTEM SA EUR TL 66 136 70 106%
6 ATLAS PACKAGING EUR TL B 34 104 70 206%
7 ACETOW GMBH EUR TL 68 136 68 100%
8 JACOBS DOUWE EUR TL A3 46 112 66 143%
9 GTT COMMUNICATIONS DD PIK TL 2 62 60 3000%
10 ABB CON-CISE OPTICA TL B 52 112 60 115%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 2/1/21 – 2/28/21

RANK TRANCHE DEALERS
1 TELENET EUR TL 20
2 LUMILEDS TL B 19
3 GTT COMMUNICATIONS TL B 19
4 ZIGGO EUR TL H 19
5 TECHEM EUR TL B4 18
6 NUMERICABLE EUR TL B12 18
7 ELSAN GROUPE EUR TL B 18
8 SYNLAB EUR TL B 18
9 BIOGROUP DD EUR TL B 17
10 SIGMA BIDCO EUR TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 2/1/21 – 2/28/21

Bid Offer Volume

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 2/1/21 – 2/28/21

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

Sector Bid Offer Spread

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